Rakesh Jhunjhunwala, Known As 'India's Warren Buffet', Set For Take-Off With New Airlines
NDTV
Akasa is pitching itself as an ultra-low-cost carrier with tickets 10 percent cheaper than competitors.
The world is gripped by recession fears, jet fuel prices are sky-high, and aviation is a notoriously fickle industry. But the billionaire dubbed "India's Warren Buffett" is launching an airline on Sunday.
Co-founding Akasa Air was a rare departure into entrepreneurship for Rakesh Jhunjhunwala, who made his fortune on the stock exchange as a value share investor and is often compared to the Berkshire Hathaway chairman and CEO.
The 62-year-old's entry into the capital-intensive sector has raised eyebrows, with many pointing to the chequered history of billionaire-backed airlines in India as well as the daunting global economic outlook.
"A lot of people question why I've started an airline. Rather than answer them, I say I'm prepared for failure," the billionaire said at an industry event in February.
